ONGC discovers oil and gas reserves in Mumbai offshore, calls it momentous achievement

• ONGC has discovered oil and gas reserves in Mumbai offshore fields located in the Arabian Sea.
• Detailed assessment of the discoveries is in progress, the company said.
• ONGC’s director of exploration Sushma Rawat said the exploration of oil reserves will help the country reduce its oil and gas imports.
• The discovery represents a momentous achievement, underscoring exploration dedication to expanding domestic production and reducing India's reliance on imported oil and gas, said Rawat.

State run Oil and Natural Gas Corporation (ONGC) said on Thursday that it has discovered oil and gas reserves in Mumbai offshore fields located in the Arabian Sea. A detailed assessment of the discoveries is in progress, the company added.

ONGC has made discoveries of Oil and Gas in MBS171HAA-1 (MBS171HAA-A)-“AMRIT” in OALP (Open Acreage Licensing Policy) block MB-OSHP-2017/1, the company said in a press release.

“There is another remarkable discovery in MBS182HDA-1(MBS182HDA-A) named Moonga in OALP exploration Block in Mumbai Offshore,” ONGC said.

This is a positive sign as the country imports 80% of its oil and gas needs, and any rise in oil prices will increase the import bill. While the crude oil prices have been falling recently and currently hovering around $75 per barrel, it has been volatile for the last few years, since it’s susceptible to geopolitical developments.

ONGC’s director of exploration Sushma Rawat said the exploration of oil reserves will help the country in reducing oil and gas imports.

“With these notable findings in the OALP I and OALP III rounds, ONGC reaffirms its exploration commitment to unlocking the vast potential of India's hydrocarbon resources along with reserves accretion, strengthening the nation's energy security. The discovery represents a momentous achievement, underscoring exploration dedication to expanding domestic production and reducing India's reliance on imported oil and gas,” said Rawat.

India’s largest state owned oil and gas producer has been pursuing ways to discover more oil and gas assets. “ONGC’s relentless pursuit of exploring untapped regions yielded these finds. By diligently analyzing geological data and employing advanced technologies, ONGC successfully identified substantial oil and gas reserves, reaffirming the untapped potential within the OALP blocks,” said the company in a release.

Mumbai High fields, formerly known as Bombay High, was one ONGC’s oldest finds, and was discovered in 1974. The offshore field based in Arabian Sea, produces crude oil and had hit peak production in early 2000s. Over time it’s known to have recovered over 80% of its assets.

Analysts have been concerned about the aging fields of the state owned oil and gas major for a while now. The company on the other hand, has been making technological investments into its onshore fields to boost productivity.

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